SEPLAT Plc Declares Loss After Tax of N37.78 Billion in HY’2020

SEPLAT Plc Declares Loss After Tax of N37.78 Billion in HY’2020

The HY’2020 result for Seplat Plc revealed that revenue declined by 26.49% from N108.97 bn recorded in HY’2019 to N80.11 bn in the current period. Similarly, gross profit went down by 79.67% from N63.53 bn in HY’2019 to N12.92 bn in HY’2020. The decline in gross profit derived from the drop in revenue, and from a 47.88% rise in cost of sales. The firm reported an operating loss of N38.71 bn in HY’2020, coming from a
profit position of N42.68 bn in HY’2019, reflecting a decline of 190.71%. The sharp fall seen in the operating profit can be traced to a 26.48% surge in the general and administrative expenses and a N50.09 bn impairment loss on non-financial assets. Consequently, profit before tax declined by 234.86% from N36.96 bn in HY’2019
to -N49.84 bn in HY’2020, on the back of a 66.80% drop in finance income and a 64.73% rise in finance cost.

In a similar fashion, the company recorded a loss after tax of N37.78 bn in HY’2020 as against a profit of N37.50 bn recorded in HY’2019, reflecting a decline of 200.76%. Accordingly, earnings per share went down by 199.09% from N65.92 in HY’2019 to -N65.32 in HY’2020. The stock currently trades at N310.2.

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